Swvl Holdings, Nasdaq-listed tech-enabled mass transit startup, announced plans to reduce its workforce and central costs to accelerate its profitability and turn cash flow positive in 2023.
The company expects to reduce its headcount by approximately 32%, mainly on engineering and product and support functions roles, where those roles can now be automated following recent investments they received.
Swvl stated that it will provide monetary, non-monetary and job placement support to help transition certain of its employees into new roles.
The company will also be optimizing its B2C route networks that are not profitable in certain cities and will also cut down on operating expenses.
Swvl had recently expanded into different countries in Europe and the UK with acquiring Volt Lines, Shotl, Door2Door, Zeelo and recently taking a controlling stake in Viapool.
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